events, Renaissance Financial Holdings Ltd founder Patterson Timba yesterday
withdrew a court application in which he
was challenging a deal that saw the
National Social Security Authority acquiring a controlling stake in
ReN-aissance Merchant Bank
In a notice of withdrawal filed just
before the hearing was due before Jus-tice Lavender Makoni at the high
, through his
lawyers Muza & Nyapadi
, withdrew the case at 8:45
"Take notice that the appellant here-by withdraws his
claim against all the
respondents," reads the notice of with-drawal.
Vote Muza of Muza & Nyapadi
, repre-senting Timba
, is said to have called all
law firms -- Dube, Manikai & Hwacha, Scanlen & Holderness, and Wintertons
advising them not to come to court.
However, the move was not well received by Justice Makoni as it emerged
had not paid the costs of other litigants in the case, expected to run
into tens of thousands of dollars.
Justice Makoni ordered the ques-tion of costs be determined by the high
court owing to their significance.
Timba applied to the high court to stop former RMB curator Reggie Saruchera
also sought an order that should shares in RMB
be disposed of, it
should be done on the basis of a valua-tion done by PriceWaterhouse Coopers
or two other valuations.
also wanted an order to have Saruchera's valuation of RMB
set aside and